INSIGNIA FINANCIAL LTD — Major Shareholding Notification 2008

Jun 1, 2008

Form 605 Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To: Gunns Limited ACN: 009 478 148 ASX Code: GNS

1. Details of substantial holder

Name: IOOF Holdings Limited ACN: ACN 100 103 722

This notice is given by IOOF Holdings Limited, on behalf of itself and its subsidiaries.

The holder ceased to be a substantial holder on:

The previous notice was given to the company on: The previous notice was dated:

30/05/08 29/05/08 28/05/08

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme since the substantial holder was last required to give a substantial holding notice to the company or scheme as follows:

Person	Nature	Consideration	Class & number **(ord) **	Person's votes
Perennial Investment Partners Limited (ACN087901620)	Purchased on market	$ 121,729.32	41,151	41,151
Perennial Investment Partners Limited (ACN 087901 620)	Sold on market	-$ 2,615,709.37	- 868,000	- 868,000

2

3. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

company or scheme are as follows:
**Name & ACN **	Nature of association
Not applicable

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
IOOF Holdings Limited	Level 29, 303 Collins Street Melbourne VIC 3000
Perennial Investment Partners Limited	Level 29, 303 Collins Street Melbourne VIC 3000
IOOF Investment Management Limited	GPO Box 264C MelbourneVIC 3001
Gunns Limited	58 Cimitiere St Launceston, TAS 7250